Kistefos AS, a privately held investment company owned by Christen Sveaas, has today entered into an agreement to purchase Western Bulk Chartering AS a 100% owned subsidiary of Western Bulk ASA for an enterprise value of MUSD 47 subject to certain conditions. The cash consideration to be paid amounts to MUSD 16.

For further information on the transaction, please see press release issued by Western Bulk ASA at 11:58 on February 1st 2016.